WASHINGTON, D.C. – The Financial Services Roundtable (FSR) today applauded the U.S. Senate for passing a joint resolution to reject a Department of Labor (DoL) rule for government-run and mandated IRA plans at the municipal level that weaken consumer protections and threaten the retirement security of millions of Americans.

The DoL previously granted municipalities liability relief from the Employee Retirement Income Security Act (ERISA), a federal law that sets minimum standards for retirement plans in private industry and protects the safety of retirement assets. FSR supports expanding access to retirement savings, but believes both private sector and government-run plans should be held to the same ERISA standards to better protect consumers.

“Policymakers should make it easier for more Americans to save for retirement without sacrificing needed consumer protections,” said Jill Hoffman, FSR’s Vice President of Government Affairs for Investment Management. “Whether you participate in a private sector retirement plan or one offered by a municipality, hardworking Americans deserve the same level of consumer protections to ensure their money is safe and will be there when they retire.”

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The Financial Services Roundtable represents the largest integrated financial services companies providing banking, insurance, payment and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. FSR member companies provide fuel for America’s economic engine, accounting for $92.7 trillion in managed assets, $1.2 trillion in revenue, and 2.3 million jobs.

The vote represents an important step toward improving the regulatory system to meet the needs of American businesses and consumers.

“This industry provides vitally important services to nearly every American – every day. Affordable access to financial services is key to growing the American economy and fueling the American dream.” -Tim Pawlenty, FSR CEO

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